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The Wan brothers created the first Chinese animated film with sound in 1918. It was titled 'The Camel's Dance' (Luo tuo xian wu). Read more

China's top economic planning agency released a list of restricted industries which are deemed 'sensitive' in terms of overseas investment on Sunday.

The National Development and Reform Commission (NDRC) has added weapons development, manufacturing and maintenance, cross border water resources development and news media to its "Management Methods of Chinese Enterprises’ Overseas Investment" document, Xinhua reports.

The restriction order is expected to take effect on March 1, at which point Chinese investors will need to go through approval and presentation procedures to expand abroad in the aforementioned fields.

Furthermore, the NDRC is now requiring that any domestic company wishing to invest more than US$300m overseas must seek approval from the planner.

The world's second largest economy has moved to rein in so-called 'irrational outbound investment' in recent years. Beijing claims that considerable progress has been made, as the country's non-financial outbound direct investment declined by almost one third last year to US$120bn.

The result was echoed by findings from an earlier report jointly released by law firm Baker McKenzie and China analysts The Rhodium Group. The paper said that China's foreign direct investment has seen its first fall since 2006 due to regulatory controls from both home and abroad.

Chi Dehua
has been a staff editor at GBTIMES since 2013. She covers foreign affairs, business and culture.